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The future of Islamic banking in the Gulf Cooperation Council [GCC]
Dissertation   Open access

The future of Islamic banking in the Gulf Cooperation Council [GCC]

Nedal El-Ghattis
University of the Sunshine Coast, Queensland
Doctor of Philosophy, University of the Sunshine Coast
2016
DOI:
https://doi.org/10.25907/00533
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Abstract

causal layered analysis (CLA) Gulf Cooperation Council (GCC) Fiqh futures studies Islamic banking
The economic engine that has driven the development of Islamic banking during its formative years has been the Gulf Cooperation Council (GCC) countries. This current condition will change, and already has to a significant degree. Although the industry's performance has seemed remarkable for the last 30 years, Islamic banking still has many things requiring improvement, such as professionalism, compliance with Shari'a law in terms of substance rather than just form, and playing a larger role in economic development in order to fulfil public expectation. To understand the phenomenon of Islamic banking and to anticipate the type of change that may result from its adoption, it is important to take stock of what has been broadly achieved in the field of Islamic banking to date, and to look further into what may lie ahead.

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